News & Analysis as of

Beneficial Owner Registration Requirement

A&O Shearman

The Register of Overseas Entities – what the real estate industry needs to know - May 2025

A&O Shearman on

Any overseas entity acquiring a Qualifying Estate must register on the Register of Overseas Entities (ROE). The ROE opened for registrations on August 1, 2022. Since September 5, 2022, an overseas entity that is not...more

Carey Olsen

Ten things every VASP should know about the BVI Virtual Assets Service Providers Act, 2022

Carey Olsen on

The Virtual Assets Service Providers Act, 2022 (the “VASP Act”) came into force on 1 February 2023. The VASP Act regulates virtual asset service providers (“VASPs”) and requires that VASPs be registered with the BVI Financial...more

International Lawyers Network

Establishing a Business Entity in France (Updated)

1. Types of Business Entities - • Description of the types of entities available in each jurisdiction through which to conduct business - Business may be conducted in France either through a French branch of a...more

International Lawyers Network

Establishing a Business Entity in the Czech Republic (Updated)

1. Types of business entities - Investors may choose from the following forms of corporate structure: - Limited liability company - Joint-stock company - Limited liability partnership - General partnership -...more

International Lawyers Network

Establishing a Business Entity in Brazil (Updated)

The two most common forms of legal entities incorporated in Brazil are the limited liability company (“Limitada”) and the corporation (“S.A.”). These are considered the most attractive types of companies given that they are...more

Carey Olsen

Proposed amendments to the BVI Business Companies Act

Carey Olsen on

In line with the recommendations arising from the BVI Mutual Evaluation Report and FATF (2024) Recommendation 24, the BVI Financial Services Commission has published a draft of the BVI Business Companies (Amendment) Act, 2024...more

Carey Olsen

Cayman Islands investment funds – autumn 2024 update

Carey Olsen on

Our investment funds team outline the latest developments within the investment funds market in the Cayman Islands including the updated requirements under the Beneficial Ownership Transparency Act, a reminder of obligations...more

Foodman CPAs & Advisors

BOI Reporting Companies Get More FinCEN Clarification

On 9/10/24, FinCEN updated its BOI FAQs page by adding four new FAQs that provide more clarity to BOI Reporting Companies. The new FAQ’s address the areas of companies that cease to exist, foreign companies that stop doing...more

Foodman CPAs & Advisors

Aviso FinCEN a Clientes

“FinCEN alienta a las instituciones financieras a compartir esta guía de referencia con los clientes a los que se les pueda solicitar que reporten información sobre dueños beneficiarios” es el mensaje que FinCEN publicó el 26...more

Foodman CPAs & Advisors

FinCEN Notice to Customers

“FinCEN encourages financial institutions to share this reference guide with customers that may be required to report beneficial ownership information” is the message that FinCEN released on 7/26/24. The FinCEN Notice to...more

Faegre Drinker Biddle & Reath LLP

Entities That 'Cease to Exist' Must Still Comply With the Corporate Transparency Act

On Monday, July 8, 2024, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released additional FAQs specifying that a reporting company (i.e., a company to which no exemption applies) created or...more

A&O Shearman

Beneficial ownership registration requirement re-examined by the administrative judiciary

A&O Shearman on

Initially, the UBO Decree mandated that companies, recognized foundations and associations, trusts, and fiduciary mandates based in Italy fulfill their duty to report data and information on ultimate beneficial ownership by...more

Awatif Mohammad Shoqi Advocates & Legal...

Understanding the Ultimate Beneficial Owner in UAE Businesses: Insights from Cabinet Decisions No. 109/2023 and No. 132/2023

In recent years, the UAE has taken significant steps to enhance transparency and combat financial crimes within its business landscape. Central to these efforts is the identification and regulation of Ultimate Beneficial...more

Foodman CPAs & Advisors

Cumplimiento/Ejecución BOI Para Empresas Que Reportan

Las empresas que reportan están obligadas a proporcionar información a FinCEN sobre las personas que en última instancia las poseen o las controlan. FinCEN comenzó a aceptar informes el 1 de enero de 2024. Las empresas que...more

Foodman CPAs & Advisors

BOI Compliance/Enforcement For Reporting Companies

Reporting companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Reporting Companies have a significant obligation...more

Goodwin

Corporate Transparency Act - Key Points

Goodwin on

Who must report? All US entities created by a filing made with a secretary of state, and all foreign entities registered to do business by the filing of a document with a secretary of state....more

Baker Donelson

Tennessee's Rule Shift for Private Fund Advisers' Registration

Baker Donelson on

Effective December 25, 2023, Tennessee Rule 0780-4-3-.05 was amended to include a new exemption to registration requirements for investment advisers under Tenn. Code. Ann. § 48-1-109 (the Amended Rule). In the past, advisers...more

International Lawyers Network

Establishing a Business Entity in France (Updated)

1. Types of Business Entities - • Description of the types of entities available in each jurisdiction through which to conduct business - Business may be conducted in France either through a French branch of a foreign...more

International Lawyers Network

Establishing a Business Entity in the Czech Republic (Updated)

1. Types of business entities - Investors may choose from the following forms of corporate structure: - Limited liability company - Joint-stock company - Limited liability partnership - General partnership ...more

Holland & Knight LLP

Rulemaking Begins to Interpret Florida Law Limiting Persons from Foreign Countries of Concern

Holland & Knight LLP on

Florida enacted Senate Bill (SB) 264 (Chapter 2023-33, Laws of Florida) in May 2023 to limit select persons from "foreign countries of concern" from owning, having a controlling interest in or acquiring an interest in certain...more

International Lawyers Network

Establishing a Business Entity in Brazil (Updated)

The two most common forms of legal entities incorporated in Brazil are the limited liability company (“Limitada”) and the corporation (“S.A.”). These are considered the most attractive types of companies given that they ...more

Stikeman Elliott LLP

British Columbia's Beneficial Ownership Transparency Register: Overview and Status Update

Stikeman Elliott LLP on

As part of a global effort to improve corporate transparency and combat serious financial crime, private companies incorporated under the British Columbia Business Corporations Act (“BCBCA”) have been required to prepare and...more

Conyers

Bermuda – Economic Substance Declaration Filings – June 2023 Alert

Conyers on

The Economic Substance Act 2018 (the “Act”) requires Bermuda-based entities that are carrying on a “relevant activity” in a relevant financial period and entities claiming “non-resident entity” status under the Act to file an...more

International Lawyers Network

Establishing a Business Entity in France (Updated)

1. Types of Business Entities - • Description of the types of entities available in each jurisdiction through which to conduct business - Business may be conducted in France either through a French branch of a foreign...more

Conyers

Bermuda Economic Substance Declaration Filings—February 2023 Alert

Conyers on

The Economic Substance Act 2018 (the “Act”) requires Bermuda-based entities that are carrying on a “relevant activity” in a relevant financial period and entities claiming “non-resident entity” status under the Act to file an...more

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